EURO AS IT IS|MONTHLY CHART DECONSTRUCTION|

16 giu 2020

Channel, triangles, mega levels and massive channels with a 12 year downtrend.

The monthly Euro chart has it all in plentiful supply. Few of us venture into the monthly chart of anything, really, so this chart here is mainly to give you a greater perspective, as to the long term potential movements and the big picture, with key levels and chart features presented.

The key takeaways:

-Euro is in 12 year long downtrend versus the US dollar

-There is a massive triangle now fully formed.

-The 12 year resistance line is soon to be tested

-2020 saw a breakout of a two year long downward channel

-Should 1.15 level be broken, the next target is 1.20

-Parity, once in sight, is now at least one year away.

-1.05 and 1.20 are the boundaries of the EuroDollar for the coming 1-2 years, with the weighted average of 1.10.

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Wish you a good day.